Minoxidil is a medication primarily used to treat high blood pressure and genetic hair loss. It works by allowing more blood to flow to the scalp and hair follicles. For genetic hair loss, minoxidil grows new hair and prevents further hair loss by extending the growing (anagen) phase of the hair cycle. It is applied topically to bald areas and is available in topical solutions and foams. The need for effective hair loss treatment has increase substantially over the years especially among the young generation opting for cosmetic treatments.
The global Minoxidil Market is estimated to be valued at US$ 1,095.5 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The alopecia conditions are no more confined only to aging population but is on rise among younger generation owing to changing lifestyles involving high stress levels, pollution, unhealthy diets etc. According to studies, nearly 50% of men aged 30-50 suffer from genetic hair loss. Therefore, the market for effective treatment solutions like minoxidil is witnessing high demand. Moreover, increasing consciousness over personal appearance and physical looks is further driving the consumption of medically approved products for hair regrowth and strength. The minoxidil market players are expected to gain significantly from this growing market opportunity in the coming years.
Threat of new entrants: The minoxidil market experiences moderate threat of new entrants as it requires substantial investment and R&D for developing and marketing new hair loss products. However, patent expiries create opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of numerous treatment options and generics. However, brand loyalty keeps some bargaining power low.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitute raw materials.
Threat of new substitutes: The threat of substitutes is moderate to high due to the availability of treatment alternatives like hair transplantation.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous global and local players offering generic and branded products.
Strengths: Widely adopted first line treatment for hair loss. Established efficacy and safety profile. Strong brands and product portfolios of major players.
Weaknesses: Requires life-long treatment leading to compliances issues. Temporary results requiring continuous usage. Potential side effects like skin irritation.
Opportunities: Growth in baldness population worldwide especially in Asia Pacific and Latin America. Advances in formulations to reduce side effects.
Threats: Threat from natural/herbal substitutes. Increased competition from generic players especially post patent expiration. Stringent regulations for new product approvals.
The Global Minoxidil Market Size is expected to witness steady growth over the forecast period supported by rising baldness prevalence, increased health awareness and improved access to treatment.
Regional analysis: North America currently dominates the global market and is expected to maintain its lead position during the forecast period. This can be attributed to the earlyadoption of hair loss treatments, strong healthcare infrastructure and the presence of leadingglobal players. The Asia Pacific region is poised to witness fastest growth supported byfactors like rising disposable incomes, large patient pool and increasing medical tourism.
Key players: Key players operating in the minoxidil marketinclude Pfizer Inc., Atom pharma, Perrigo Company plc, Johnson and Johnson Services, Inc., Merck KGaA, Actavis Pharma, Inc., Apotex Inc., UltiMed Inc., DS LABORATORIES, INC., Taisho Pharmaceutical Co., Ltd., NIKSAN PHARMACEUTICAL, SALVAVIDAS PHARMACEUTICAL PVT. LTD., Maruti Futuristic Pharma Pvt. Ltd., Sun Pharmaceutical Industries Ltd., Dr. Reddy€TMs Laboratories Ltd., Lupin, Steris Healthcare PVT Ltd, Salvus Pharma, Unison Pharmaceuticals Pvt Ltd , Par Pharmaceutical, and QndQ Derma.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it